Salem Trust Company Expands Custody, Asset Servicing Focus With Strategic New Hires

TAMPA, Fla., Aug. 5, 2024 /PRNewswire/ -- Tampa-based Salem Trust Company, a division of Argent Institutional Trust Company (AITC), announced today it has begun the implementation of an expansion of its custody and asset servicing capabilities with the addition of industry veterans Luke McCabe and Chris Taylor.

McCabe has over 30 years' experience in asset servicing and comes to Salem from Fidelity National Information Services (FIS) where he served dual roles as Head of Global Wealth Management and President and CEO of its regulated asset servicing subsidiary, Reliance Trust Company. Prior to FIS, McCabe spent a combined 12 years with State Street Corporation where he rose to Division Head, Wealth Management Services. McCabe will be President of Salem and Managing Director, Institutional Asset Servicing and Global Custody at AITC.

Taylor, with over 25 years' experience in custody and securities processing, joins Salem from Citi Global Custody Operations where he was Head of North America Asset Servicing. Before Citi, Taylor gained experience at UBS Wealth Management Financial Services, JP Morgan Chase and Company, Nationwide Insurance-Office of Investments, and Banc One Investment Management. Taylor, as Director, will be responsible for the expansion and day-to-day management of the core services at Salem.

"We are genuinely excited to have Luke and Chris join Argent," said AITC Executive Chairman Tony Guthrie. "We are implementing transitional changes related to Salem Trust Company and building an expanded custody and asset servicing platform beyond its traditional offerings. We now have the executive management in place to execute the vision we have for Salem."

"The knowledge and expertise these two senior market executives bring are the essential tools necessary to build on our core competencies, expand our services offering, and grow Salem into a market recognized leader," said Steve Eason, Chief Executive Officer of AITC. "In addition, their understanding of the industry, landscape, and people in the markets will prove invaluable as we continue to build, expand, and grow."

About Argent Institutional Trust Company (AITC)
Originally founded as TMI Trust Company in 1954, TMI was a Texas-chartered trust company. In August 2024, TMI merged with Argent Financial Group to become AITC and is now headquartered in Tampa, FL, as a Florida trust company. Since its inception, AITC has grown into a full-service provider of trust and agency services. AITC operates offices in Tampa (FL), Atlanta (GA), Fort Worth (TX), Milwaukee (WI), and New York City (NY), delivering exceptional client care across four primary service categories: trustee, escrow, and loan agency; IRA and custody; family office and investment partnerships; and specialized trust services.

About Salem Trust Company (Salem)
Salem Trust Company is a division of Argent Institutional Trust Company. With $13 billion in assets under custody, Salem provides custody services as its primary line of business for government sector retirement plans and institutional clients. Salem has been devoted to service excellence since its founding in 1998. Through An Authentic Difference^®, clients experience securities settlement, safekeeping, record-keeping, and reporting services that are direct and personalized from experienced professionals.

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SOURCE Argent Institutional Trust Company